The regulatory environment has turned dreams of good lives into nightmares for many who are leaving in hordes, taking much of the state's tax base with them. About 2.14 million people fled to other states between 2005 and 2007, while only 1.44 million moved in. Meanwhile, the state's debt rises at a rate of about $25 million per day. Some 2.3 million Californians (12.5%) are without employment, and factory jobs plummeted from 1.87 million to 1.23 million (34% of the industrial base) since 2001. California, with 12% of the U.S. population, has nearly a one-third of the nation's welfare recipients--15.3% of all Californians live in poverty. Its budget gap for 2009 to 2010 ($45 billion) equaled 53% of total state spending. This occurred despite having the nation's highest state sales tax and third-highest income tax.

As Margaret Thatcher famously said, the problem with socialism is you eventually run out of other people's money. And when you chase away the people with money, the problem spirals.

In what has become a somber November tradition, the nonpartisan Legislative Analyst's Office projected Wednesday that California must close a $25.4 billion shortfall next year, twice as large as legislative leaders predicted.

Yes, Bill, because saying that California is in deep crap is completely negated by the fact that other states are as well.

*Some* Republicans are for smaller, limited government. Fiscal conservatives, they're called. I don't know of too many Democrats who talk about shrinking government, not too many at all. (cue crickets)

Yes, and Perry is one of those alleged "fiscal conservatives". Funny how when the government actually runs a surplus, they immediately feel the need to increase spending or cut taxes rather than invest in infrastructure or pay off debts.